A guest interview with Bani Bains, Communications Manager at the Global Platform for Sustainable Natural Rubber (GPSNR), for the B20 Collective Action Hub.
Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force.
This piece was originally published by the TRACE International Blog on 8 May 2015. Republished here with permission.
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Singapore found to have ineffective measures to fight money laundering, despite strong legislation
Singapore demonstrates a strong anti-money laundering (AML) legislative framework but shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force (FATF).
The Basel Institute on Governance provides a comparative analysis illustrating how Singapore fares/compares against other countries evaluated by the FATF on the basis of its new assessment methodology.
Switzerland is frequently accused of being reluctant to take thorough measures to fight money laundering. Both the Swiss authorities and the banks in Switzerland strongly reject such accusations. We are convinced that our anti-money laundering measures are best market practice.